MNI China Press Digest March 4: Oil, NPC, Microcredit

Highlights from Chinese press reports on Wednesday:

• More than a dozen Chinese oil, gas, and energy firms, including China Petroleum and China National Offshore Oil Corporation, have released trading volatility warnings to investors following outbreak of hostilities in the Middle East, Yicai reports. In the A-share market, oil and gas firms issued announcements to cool market sentiment after the sector performed strongly in the past two trading days, repeatedly hitting daily price limits, Yicai noted. China’s three major state oil companies said the international crude oil market has recently been influenced by multiple factors including geopolitical conflict and supply–demand structures. Prices have shown wide fluctuations and short-term oil price movements carry significant uncertainty, meaning investors need to pay attention to risks, the firms said.
• Chinese officials will continue to consolidate positive economic momentum to ensure steady growth and long-term stability, Liu Jieyi, deputy secretary-general of the Chinese People’s Political Consultative Conference (CPPCC), said at a press conference at the Great Hall of the People. Liu said the CPPCC will focus on advancing the construction of a unified national market and promoting high-quality development of the private economy to support policymaking. He added that deeper integration between technology and industry was accelerating innovation and driving the growth of new productive forces. During the “longest-ever” Spring Festival holiday this year, restaurants, entertainment venues and shopping malls were crowded, while domestic tourist spending reached more than CNY803 billion, up CNY126 billion from a year earlier, highlighting the vitality of China’s vast consumer market, Liu added.
• China has doubled the cap on supportive microcredit loans to CNY100,000 from CNY50,000, a move analysts say will help expand agricultural operations and extend rural industry chains, Securities Daily reported. In a notice, the Ministry of Finance outlined key policy elements for the supportive microcredit program, including eligible recipients, loan terms, loan amounts, interest rates and subsidy arrangements. The policy also broadens eligibility from individuals officially registered as having been lifted out of poverty to rural residents who require financial assistance. Liu Chunsheng, an associate professor at the Central University of Finance and Economics, said the updated policy marks a shift from focusing solely on the scale of lending toward stronger coordination among financial, fiscal and regulatory policies.